Gem group in offshore deal
Article Date: Sep 04 2008Namakwa Diamonds is poised for a new agreement to participate in developing offshore Namibian diamond concessions.
The fully listed company has entered into a memorandum of understanding with Nutam Pty, part of marine survey, exploration mining and offshore vessel provider Silverton Group, as a precursor to a fully fledged service and earn-in agreement to develop two offshore Namibian areas, ML30 at 57 sq km and EPL1944 at 106 sq km.
Namakwa CEO Nico Kruger says this agreement will help accelerate progress towards producing high-quality diamonds through the use of ‘cutting-edge technology’.
Floated at 181p in December, Namakwa shares now trade at 137p, valuing the company at £160 million.
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